Elmerf123456: Okie got released from Hospital today. Feeling better and has 2/3 weeks therapy…. Okie is strong and glad to be home. Pain is tough and he's a fighter I tell you.

Elmerf123456: IKO was right!!!! Iran: First Post-Sanctions Crude Shipments Set Sail January 27, 2016 | 11:33 GMT Iran's first shipments of crude oil since the lifting of sanctions two weeks ago departed from the country's main oil terminal for Japan and China on Jan. 27, an unnamed Iranian Oil Ministry official said, Kyodo reported. Each of the tankers is carrying around 2 million barrels of crude, which is worth about $66 million, according to a source in the ministry.

Elmerf12345: . DC always said it would start in Singapore. We wait to validate.
Watchbandit: So is it confirmed about Singapore?
....

Elmerf123456: I don't have that but I know IKO and others are tracking that info down.

Folks things do look great as they have before. We stay grounded and see what pops out. We are experts by now.

Watchbandit: Can someone enlighten me as to the talk about Reno. What does that have to do with anything. Just asking a question.

Elmer123456: Reno is where the whales go and the Admiral.

GMA: Iraq is currently 1/10 of a penny. News is Irans lowest rate shall start $1.00 or higher. That should and will trigger Iraq at the same time but I believe in the $3.-- range!!

Elmerf123456: Truth is the rates will be higher but I don't want to cause any excitement.

Elmerf123456: I will just say the fiction road is at an end and the reality road is here. Have fun. I will be back..., never left you really!

The 2010 IMF quota and governance reforms that took effect yesterday will strengthen the voice and representation of emerging and developing economies in the institution; reinforce the legitimacy of its decision-making process; and equip it with more permanent resources to better respond to future crises.

“I commend our members for ratifying these truly historic reforms,” IMF Managing Director Christine Lagarde said. She noted that a more representative, modern IMF will ensure that the institution is able to better meet the needs of its members in a rapidly changing global environment.

“Today marks a crucial step forward and it is not the end of change as our efforts to strengthen the IMF’s governance will continue,” Lagarde added.

Significance of quota and governance reforms

This historic change marks an important step forward for the IMF.

First, the reforms significantly increase the IMF’s quota resources and its ability to respond to crises more effectively. The combined quotas (or the capital countries contribute) of the IMF’s 188 members will increase to a combined SDR 477 billion (about US$659 billion) from about SDR 238.5 billion (about US$329 billion).

Second, they also improve the Fund’s governance by better reflecting the increasing role of dynamic emerging and developing countries in the global economy. More than 6 percent of quota shares will shift to dynamic emerging market and developing countries and also from over-represented to under-represented IMF members. As a consequence, four emerging market countries (Brazil, China, India, and Russia) will be among the 10 largest members of the IMF. Other top 10 members include the United States, Japan, and the four largest European countries (France, Germany, Italy, and the United Kingdom).

The 2010 agreement will also enhance the effectiveness of IMF’s decision-making, including in its 24-member Executive Board. For the first time, the IMF’s Board will consist entirely of elected Executive Directors, ending the category of appointed Executive Directors (currently the members with the five largest quotas appoint an Executive Director).

The category of appointed Executive Directors (currently the members with the five largest quotas appoint an Executive Director) will cease to exist. At the same time, the quota shares and voting power of the IMF’s poorest member countries will be protected. Moreover, advanced European countries have committed to reduce their combined Board representation by two chairs by the next regular election of Executive Directors that will take place this fall.

Next Steps

These reforms reflect major shifts in the global economy. The 2010 reforms—which built on reform steps in 2008 and followed extensive consultations involving member governments and outside stakeholders—take into account the changing realities of the global economy, and notably the growing weight and role of dynamic emerging and developing economies.
The ratification of the 2010 reforms also clears the way for the Fund to begin the 15th review of its quotas. The 15th review will provide an opportunity to discuss the size and composition of IMF resources and the distribution of quota shares among the Fund’s membership.

THEY HAVE BEEN GIVEN THE REIGNS -- THIS IS HANDS OFF AND JUST MONITORING -- NOT DOING ANYTHING BUT MONITORING --

THE HELP TO GET TO THIS POINT HAS BEEN GOING ON FOR YEARS AND NOW THEY HAVE FORMALLY ANNOUNCED THAT IRAQ IS READY TO IMPLEMENT AND THE IMF WILL MONITOR...THIS IS HUGE.

IRAQ IS THEIR OWN COUNTRY AND CBI IS INDEPENDENT

KTFA:

Walkingstick: SWIFT to restart services to Iran by Jan. 31

Tehran Times Economic Desk

TEHRAN– The Society for Worldwide Interbank Financial Telecommunication (SWIFT) would restore its services to Iranian financial institutions by January 31, said Central Bank of Iran (CBI) Governor Valiollah Seif.

Seif said there are only some technical issues to be resolved before SWIFT system comes on stream on January 31.

He said, “During the period that west-engineered sanctions were imposed on Iran, SWIFT had not stopped its services to Iran completely, and only some banks had been blocked.”

For Iran to resume business with the global banking world - for the first time since 2012 - its banks need to be linked to overseas lenders on SWIFT.

SWIFT lifted bans on the Iranian banks as the implementation day of the Joint Comprehensive Plan of Action (JCPOA) formally started on January 16.

SWIFT is a global supplier of secure messaging services and interface software to wholesale financial entities. It is a secure private network used by nearly every bank around the world to send payment messages that lead to the transfer of money across international borders.

In early 2012, SWIFT said it had been instructed by the European Council to discontinue its communications services to Iranian financial institutions that are subject to European sanctions. Accordingly, it blocked 30 Iranian banks from using its service thus literally cutting off Iran from the global banking system.

No posts from Dr. Clarke ? Would be nice to hear an update from him/her.

Reply

Jamie Lynn

1/28/2016 11:00:37 am

Hi Louie...

Yes, it would be nice to her what the good Doctor has to say. Isn't he/she the one that posted a few times this month that the "Iranian Rial is scheduled to revalue by the end of this month.?"

Thanks for posting recaps

Reply

Herewego

1/28/2016 11:02:30 am

UN Operational rates are up for Feb. 1, 2016! Iraq, Iran, are all on there! Shaazam!

Reply

Jim

1/28/2016 11:51:08 am

Do I remember correctly that the 2010 IMF Code of Reforms would effectively eliminate America's solo veto power within the IMF? Thanks to anyone for any thoughts on this and what the potential ramifications might be. All the best.........Jim

Reply

Janet

1/28/2016 12:08:15 pm

From my understanding regarding IRAN sanctions, even though Iran is connected to world trade through SWIFT, US's sanctions will still prevent any trade going through US banking systems, or money. And if any country does so it will be penalized for breaking the US sanctions. 1) is this perception correct ? and 2) does that mean even though Iran is open to world trade, no one holding Iran currency here in US can EXCHANGE it for US dollars ? 3) I understand the option available..IF.. this is true to countries and to those holding Iran currency is to exchange through a different currency or monetary system. Is that perception correct ?